Thread by @BRAINCURES

The myopic focus of companies on profits has been criticized in recent years. Mads Øvlisen, the former CEO of @NovoNordisk, explains how the pursuit of a corporate purpose beyond short-term profits, can actually lead to higher long-term profits @TimaBansal
forbes.com/sites/timabans…

Corporate purpose isn’t just about vision and values, it’s about keeping an eye on the long term. Upholding #corporate purpose requires leaders to resist the short-term demands of shareholders & investors in order to build good & successful companies #CSR
forbes.com/sites/timabans…

In 1971 for the first time in Novo Nordisk’s history, #Øvlisen’s father-in-law had to make the decision to lay off employees. Faced with a similar challenge, Øvlisen worked hard to relocate them elsewhere in the organization, even if the fit wasn’t perfect

https://twitter.com/novonordisk/status/1483442685260271622?s=21

“I wanted us to be a company respected for our results and for the way in which we achieved the results. When people hear the name Novo, they’ll say, ‘Weren’t they the people that did something to improve diabetes, hiring conditions, and the environment?’

https://twitter.com/timabansal/status/1483499429013381126?s=21

When Øvlisen became CEO, Novo had 21 competitors in the insulin market. He knew he had to offer a product better than his competitors’. For this reason, he invested heavily in R&D.
Novo was the first company to produce highly purified #insulin preparations
forbes.com/sites/timabans…

CEO Mads Øvlisen inherited and left a pharma company that was built on a strong foundation –literally. The @novonordiskfond controls @novonordisk through Class A shares, yet divests all strategic and operational matters to Novo Nordisk’s Board of Directors
forbes.com/sites/timabans…

Øvlisen also insisted on listening to one’s critics. When @WWF raised issues about the impact of @NovoNordisk’s activities on the environment, Øvlisen did not simply invite them for coffee and a Danish. Ultimately, the NGOs influenced Novo’s strategy
#ESG
forbes.com/sites/timabans…

It’s far too easy for corporate executives to lose sight of where they’re going. A corporate purpose is becoming an increasingly important north star, guiding a company to a destination of creating long-term value for both stakeholders & society as a whole
forbes.com/sites/timabans…